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18.01.201709:33 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for January 18, 2017

Long-term review

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Wave summary:

The complex correction in the wave (iv) is finally showing signs of weakness and a break above the minor resistance at 121.40 will be the first good indication that a lower structure is developing, and the wave (v) higher towards 126.54 is taking over. To confirm that the wave (v) is unfolding, we need a break above the resistance at 122.42.

Only an unexpected break below 120.50 will extend the decline in the wave (iv) lower towards 119.05 before the low finally is in place and the wave (v) can take off.

R3: 122.40

R2: 121.73

R1: 121.40

Pivot: 121.05

S1: 120.50

S2: 119.50

S3: 119.05

Trading recommendation:

Buy upon a break above minor resistance at 121.40 with stop placed at 120.45.

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